Neo Launches Two New Mastercard Cards

Nov 11, 2024

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Credit Cards Neo Launches Two New Mastercard Cards

To the point Neo brings its first high-end products to the Canadian market: the Neo Mastercard World Elite and Mastercard World credit cards. Let's explore the rewards and benefits these cards offer.

The New Neo Mastercard World and World Elite Cards Annual Fees and Minimum Income Requirements Cash Back Rates The Benefits

Other Neo Products Bottom Line

Neo Financial, a Canadian microbank with a growing presence in the financial products market, has added two new credit cards to its wallet.

The New Neo Mastercard World and World Elite Cards

Neo Mastercard World Elite offers at least :

5% cash back at the grocery store
4% on recurring bills
3% on gas
1% everywhere else

As for its little sister, the Neo Mastercard World, the base cash back rates are :

2% for groceries, recurring bills and gas;
0.5% for the rest.

Neo boosts cash back rates for customers who maintain a balance in a Neo Everyday account.

To benefit from the maximum 7% grocery rebate with the World Elite Mastercard, you must have at least $10,000 in your account.

Annual Fees and Minimum Income Requirements

The annual fee for the new Neo Mastercard World Elite credit card is $125.

As this is a Mastercard World Elite premium card, the minimum income required to subscribe to the card is high:

$80,000 in annual personal income or ;
$150,000 annual family income.

The maximum credit limit that can be granted is $30,000. There’s also a secured card available to help build a credit history.

The Neo Mastercard World card has no annual fee. The minimum income requirement is $50,000 personal income or $80,000 family income.

Cash Back Rates

Cash back is calculated on a tiered basis. To earn maximum cash back, a minimum of $10,000 must be held in a Neo Everyday account.

The breakdown is as follows for the Mastercard World Elite:

Type of expenses	Neo Everyday account minimum balance
	$0	$1,000	$3,000	$5,000	$10,000
Groceries	5 %	5 %	5 %	6 %	7 %
Recurring bill payments	4 %	4 %	4 %	4,5 %	5 %
Gas	3 %	3 %	3 %	3,5 %	4 %
Everything else	1 %	1 %	1 %	1 %	1 %

And for Mastercard World:

Type of expenses	Neo Everyday account minimum balance
	$0	$1,000	$3,000	$5,000	$10,000
Groceries	2 %	2 %	2 %	3 %	4 %
Recurring bill payments	2 %	2 %	2 %	3 %	4 %
Gas	2 %	2 %	2 %	3 %	4 %
Everything else	0,5 %	0,5 %	0,5 %	0,5 %	1 %

Annual spending limits apply. Once the ceiling has been reached in the category mentioned, the cashback rate drops to 1% (0.5% for the World card) for any additional spending.

Groceries: maximum $12,000 per year
Recurring invoices : maximum $6,000 per year
Gasoline: up to $12,000 per year
All other purchases: annual limit of $40,000 ($30,000 for the World card)

The Benefits

The new Neo Mastercard World Elite comes with travel benefits such as :

Trip cancellation insurance;
Insurance for emergency medical care abroad;
Baggage loss and theft insurance;
Damage and collision insurance for rental cars;
DragonPass membership for access to airport lounges (membership is included, but each visit costs US$32) ;
eSIM packages abroad with FlexiRoam.

Finally, cardholders are also entitled to purchase insurance and an extended warranty on items paid for with the card.

Travel insurance is not available for Quebec residents.

Other Neo Products

Neo offers a range of financial products including credit cards, secured credit cards, checking accounts and savings accounts. Find out more in our dedicated article.

Bottom Line

With the introduction of the World and World Elite cards, Neo now offers a complete range of Mastercard products. The World Elite card is an excellent product for grocery spending, with a 5% cash back rate that is only matched by the BMO CashBack^® World Elite^®* Mastercard^®*.

As for the Neo World Mastercard, it is very similar to the Tangerine World Mastercard: both offer no annual fee, 2% cash back on certain categories of purchases and 0.5% on everything else.

Come to discuss that topic in our Facebook Group!

Alexandrine Bertrand

An avid solo traveller, Alexandrine is an expert on loyalty programmes such as Aeroplan, Avios, AIR MILES, Flying Blue and Marriott Bonvoy. With a budget-conscious approach, she helps travellers make the most of their points and miles to experience affordable, off-the-beaten-path getaways. She also shares a love of gastronomy and enjoys exploring local flavours and culinary traditions.

All posts by Alexandrine Bertrand